GCC solar market to reach $8,852.5 mn

Growing energy requirements, infrastructure development, decrease in global oil prices along with the increased focus on renewable sources especially solar energy are some of the key factors that would spur the demand for solar equipment in GCC region. According to 6Wresearch, GCC solar equipment market is projected to reach $8,852.5 million by 2022. The market for solar equipment in GCC region has registered growth in last few years due to growing awareness and initiatives taken by the governments to promote power generation from solar power. During the forecast period, the market for solar equipment is anticipated to rise owing to the renewable energy targets of various GCC countries.